State of Michigan Retirement System Decreases Holdings in Watsco, Inc. (NYSE:WSO)

State of Michigan Retirement System trimmed its stake in Watsco, Inc. (NYSE:WSO) by 4.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,283 shares of the construction company’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Watsco were worth $3,578,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. LPL Financial LLC raised its stake in Watsco by 10.3% in the 3rd quarter. LPL Financial LLC now owns 14,848 shares of the construction company’s stock valued at $5,609,000 after acquiring an additional 1,390 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in shares of Watsco by 51.8% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 1,046 shares of the construction company’s stock valued at $395,000 after buying an additional 357 shares in the last quarter. Glenmede Trust Co. NA purchased a new stake in shares of Watsco during the 3rd quarter valued at approximately $205,000. Axxcess Wealth Management LLC boosted its holdings in Watsco by 11.4% in the 3rd quarter. Axxcess Wealth Management LLC now owns 779 shares of the construction company’s stock worth $294,000 after buying an additional 80 shares during the period. Finally, Legal & General Group Plc grew its stake in Watsco by 4.0% in the 3rd quarter. Legal & General Group Plc now owns 137,144 shares of the construction company’s stock valued at $51,802,000 after buying an additional 5,239 shares in the last quarter. 89.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

WSO has been the topic of several recent research reports. Robert W. Baird increased their target price on Watsco from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Stephens reissued an “overweight” rating and set a $500.00 price objective on shares of Watsco in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $404.25.

Insider Transactions at Watsco

In other news, Director John Alexander Macdonald sold 5,334 shares of Watsco stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $466.41, for a total transaction of $2,487,830.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Watsco news, EVP Barry S. Logan sold 774 shares of Watsco stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $473.85, for a total transaction of $366,759.90. Following the transaction, the executive vice president now directly owns 1,770 shares of the company’s stock, valued at $838,714.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Alexander Macdonald sold 5,334 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $466.41, for a total transaction of $2,487,830.94. The disclosure for this sale can be found here. Insiders own 12.86% of the company’s stock.

Watsco Price Performance

NYSE:WSO opened at $477.11 on Wednesday. Watsco, Inc. has a 52-week low of $337.58 and a 52-week high of $493.65. The stock has a fifty day moving average of $471.30 and a 200 day moving average of $430.51. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.92. The firm has a market capitalization of $19.23 billion, a price-to-earnings ratio of 36.70 and a beta of 0.88.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, April 24th. The construction company reported $2.17 earnings per share for the quarter, missing the consensus estimate of $2.26 by ($0.09). Watsco had a net margin of 7.03% and a return on equity of 19.26%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.59 billion. The business’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business earned $2.83 EPS. On average, research analysts expect that Watsco, Inc. will post 14.26 EPS for the current fiscal year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 16th will be paid a $2.70 dividend. The ex-dividend date is Tuesday, July 16th. This represents a $10.80 dividend on an annualized basis and a yield of 2.26%. Watsco’s dividend payout ratio is presently 83.08%.

Watsco Company Profile

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.